Nalin Kotadiya is a proclaimed offender and was declared by an Indian court with a Bitcoin extortion case amounting to 1.3 million. Reported June 18, 2018.
Kotadiya was declared offender or “absconder” under section 82 of the criminal code procedure. Kotadiya still remained untraceable even after a warrant of arrest was issued. The court announces the individual as an offender, and compels the authorities to bring him to justice. Report said that the passport of Kotadiya was confiscated therefore preventing him from fleeing the country. He was given 30 days to appear before the court.
Sailesh Bhatt, the complainant in this case earlier mentioned that he was kidnapped by some policemen on February together with his business partner Kirit Paladia, they were confined in a farmhouse, and were extorted approximately 1.3 million BTC owned by Paladia. Bhatt also mention that he was forced to pay for a ransom for their freedom. The complainant also said that Nalin Kotadiya was involved in the kidnapping. The policemen were arrested in connection to the case.
Earlier this month, there have been reports about stolen cryptocurrencies amounting to 1.1 billion worth, and it was stolen in the first half to 2018. Reports said that there are so many marketplaces and offerings associated with crypto-theft that many hackers can take advantage of.
During the Money 20/20 conference last June 4, Mary Beth Buchanan, a former US federal prosecutor said that, compared to cryptocurrencies, there have been a lot more crimes committed with fiat currencies. In her speech, she stressed that there are now many available tools that the law enforcement can use to know how currencies move in a blockchain.